Facebook Wants Asset Freeze Lifted In Ownership Suit

Law360, New York (July 13, 2010, 12:24 PM EDT) -- Facebook Inc. has asked a federal judge to vacate an asset freeze imposed by a state court in a New York state business owner's suit claiming a contractual right to an 84 percent stake in the social networking giant.

The company lodged a motion to nix the asset freeze Friday after removing the case to the U.S. District Court for the Western District of New York, rejecting plaintiff Paul D. Ceglia's ownership claims as wholly frivolous.

“Plaintiff has utterly failed to meet the procedural and substantive...
To view the full article, register now.

UK Financial Services

UK Financial Services

Read Our Latest UK Financial Services Coverage

Financial Services Law360 UK provides breaking news and analysis on the financial sector. Coverage includes UK and European Union policy, enforcement, and litigation involving banks, asset management firms, and other financial services organizations.